Perils increases Sabine/Ciara estimate to Eur1.61bn
Loss data aggregation service Perils has increased its estimate for the 9 to 11 February European windstorm to Eur1.61bn.
Helios backs Lloyd’s reforms as it targets growth in 2021
Lloyd’s investment vehicle Helios has given its backing to John Neal’s efforts to modernise the market after revealing plans to raise additional capital to grow its portfolio in 2021.
Axa XL: Buberl says refocused division set to show ‘fruit of its transformation’
Axa earnings calls have been largely dominated by questions about XL since the French insurer acquired the global property casualty (re)insurer in 2018.
Hannover Re announces CFO transition as Vogel retires
Clemens Jungsthöfel is to become chief financial officer of Hannover Re with effect from 1 September.
Allianz says talks ongoing over Covid-19 reinsurance recoveries
Allianz CFO Giulio Terzariol has conceded discussions with reinsurers over Covid-19 recoveries will be a “long process” amid uncertainty about how contracts will respond to claims related to the pandemic.
Allianz beats consensus while Covid-19 costs P&C Eur800mn in H1
Europe’s second largest insurer Allianz beat Q2 earnings expectations this morning while rate rises in property, liability and financial lines classes helped Allianz Global Corporate & Specialty (AGCS) grow its total revenue by 12.1 percent to Eur5.5bn during the first half of the year.
Hannover Re falls to Eur161mn U/W P&C loss as H1 Covid losses climb to Eur600mn
Talanx-owned Hannover Re has fallen to a P&C underwriting loss of $160.7mn – compared to a profit of Eur195.9mn in the same period last year – as Covid-19 related exposures climbed to Eu600mn in the six month period.
Swiss Re CorSo overhaul sees “light at the end of the tunnel”
Swiss Re is seeing “the light at the end of the tunnel” with regards to the transformation of its Corporate Solutions unit after completing 60 percent of its planned pruning of the commercial insurance unit’s book, according to group CEO Christian Mumenthaler.
Swiss Re says on track to hit CR targets despite $1.1bn H1 loss
Swiss Re said it remained on track to achieve its full-year normalised combined ratio targets for both its P&C reinsurance and Corporate Solutions units following a first half which was overshadowed by $2.5bn of Covid-19 losses across its operations.
Coface loss ratio rises 13.4 points due to Covid-19 impact
Credit insurer Coface saw a 13.4 percentage point increase in its loss ratio for the first half of 2020 as it reserved for an expected rise in claims frequencies.
No clear upside for Sampo on Hastings takeover: KBW
Sampo Oyj’s potential bid for UK general insurer Hastings Group presents no clear financial upside for the Finnish insurance group, according to analysts at Keefe, Bruyette and Woods (KBW).
EU approves £10bn UK trade credit insurance backstop
The European Commission has approved UK plans for a £10bn ($14bn) guarantee scheme to help ensure trade credit insurance cover remains available for businesses.
Eiopa mulls benefits of a new, cross-border pandemic reinsurance solution
The European Union’s Eur750bn ($879.5bn) Covid-19 member state rescue package points to the potential benefits of a public-private pandemic solution involving all the EU member states, the insurance regulatory body Eiopa said yesterday.
Baden Baden 2020 latest conference to be pulled
The Baden-Baden Reinsurance Meeting is the latest industry gathering to be cancelled because of the Covid-19 outbreak.
Wall Street futures and European equities fall on US-China tensions
Wall Street futures tipped US equities to follow European and Asian stocks lower as concerns about heightened friction between the US and China weighed heavily on investor sentiment.
Watchdog weighs in on EU trade credit schemes
Europe’s insurance watchdog has set out guidelines for how the EU regulators should oversee credit (re)insurance schemes put in place across the Continent in response to the financial impact of the Covid-19 pandemic.
Gossmann & Cie given greenlight for Malta risk carrier
European run-off specialist Gossmann & Cie has been granted regulatory approval by the Maltese Regulator (MFSA) to launch a protected cell company (PCC) on the island.
Scor’s Kessler backs pan-European pandemic solution
Scor chairman and group CEO Denis Kessler said he would favour a pan-European pandemic scheme to cover future business interruption losses, rather than any national plan, as the French reinsurer swung to a quarterly loss.
AM Best affirms CCR Re’s A rating
AM Best has affirmed the A financial strength and “a” credit rating of French reinsurer CRC Re on the back of its “very strong” balance sheet and the unlimited guarantee provided by the country’s government to parent CCR’s state-backed business.
Swiss Re appoints new P&C head following Schuh departure
Swiss Re’s global head of P&C Solutions Erich Schuh is stepping down from the role and will be succeeded by Pranav Pasricha.